Thain Plays Defense

John Thain, who resigned as CEO of Merrill Lynch on Thursday in the wake of The Daily Beast and CNBC breaking news that he spent $1.2 million on extravagant office renovations, promised today to repay Bank of America for the costs. In a memo obtained by CNBC, Thain also defended Bank of America's acquisition of Merrill, though he has been criticized for lack of transparency. Thain called his office renovations "a mistake in the light of the world we live in today."